Daily News Inventory - 18th April, 2014

  • SC notices to Centre, three Services chiefs

    ·         To know where the buck stops on tragedies caused by obsolete and malfunctioning defence weapon systems including warships, submarines, fighter planes and artillery, the Supreme Court has asked the Centre and the three Services Chiefs to respond to a PIL that sought transparent guidelines on Defence purchases.

    ·         This is perhaps the first time ever that Defence procurements have been brought under judicial scanner in a public interest proceeding.

    ·         The Bench, headed by Chief Justice P Sathasivam, issued notice on a petition filed by six lawyers practicing in SC where it recalled the recent tragedy aboard INS Sindhuratna where a minor technical fault led to a major tragedy causing death of two decorated Naval officers.

    ·         Following the tragedy the Navy Chief Admiral DK Joshi had stepped down.


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Quote of the Day

  • “Every day I add to the list of things I refuse to discuss. The wiser the man, the longer the list...” 

                                                                                 ~ Nicolas Chamfort


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Quant & Puzzle Inventory - 46

The Burning Issue: In a spot: NSEL Saga

  • It’s raining scams! After Securities scam in ’92 (More commonly known as Harshad Mehta scam) and KP scam in ’01, following the cycle of 10 years, this time, an entire exchange was fabricated on treachery of its promoters. The scam is a systematic fraud perpetrated in the commodity market by National Spot Exchange Ltd. The supposedly 5,600 Crore Rs fraud came out in the public domain after NSEL failed to pay out its investors in commodity pair contracts after 31 July 2013. Let’s have a summarised look at the seedy insides of the exchange which was once a darling of the markets and the ministry too.


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